Cohutta Mills, Inc. v. Bunch

Birdsong, Judge.

Default Judgment. Cohutta Mills, Inc. was the owner of a certain house, apparently which it made available to its corporate officers. It made the property available to one Larry Owens at a stipulated free rental with a specific option to buy, at any time, at a price equal to the amount for which the Small Business Administration would agree to release the house from the security deed held by SBA, but subject to the additional mortgage debt owed by Cohutta to a bank. Owens assigned the option to buy to Clara Bunch who under the terms of the option exercised the option the day…